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Vectura Group H1 Pretax Loss Narrows; Revenue Up 14.8% - Quick Facts

Vectura Group plc (VEC.L) said it made a positive start to trading in 2019, and given the Group's visibility of flutiform product supply volumes for the rest of 2019, the Group expects the strong performance to continue into the second half of the year. The Group maintained its financial guidance for 2019.

First-half statutory loss before tax was 13.4 million pounds compared to a loss of 29.9 million pounds, prior year, largely as the result of a 14.7 million pounds decrease in amortisation and impairment of intangible asset charges. Loss per share was 2.0 pence compared to a loss of 3.5 pence. Operating profit before exceptional items and amortisation improved to 19.0 million pounds from 18.8 million pounds.

First-half revenue increased to 91.7 million pounds from 79.9 million pounds, previous year. Product supply revenue was up 42.9% to 54.3 million pounds, driven by 45.8% growth in flutiform product supply chain revenues to 48.4 million pounds.

The Group also announced that the total value to be returned to shareholders will be increased to 60 million pounds. The Board has proposed a special dividend of approximately 40 million pounds in aggregate, representing six pence per ordinary share, to be accompanied by a consolidation of the ordinary share capital. Also, the Group has entered into arrangements with J.P. Morgan Securities to execute a 10 million pounds on-market buyback of shares. The Board also plans to undertake a further on-market 10 million pounds buyback.

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